Michigan Small Business Borrowing Stalls in July

Press Release (ePRNews.com) - Chicago, IL - Sep 20, 2017 - ​In July 2017, borrowing remained stagnant in Michigan, according to data published by PayNet. Of the 18 major industries, 11 declined and 6 rose in Michigan.

Coming in at 108.8, Michigan’s PayNet Small Business Lending Index (SBLI) surpassed the national SBLI level (98.9) and performed similarly to the previous month’s state level. The index is basically unchanged from a year ago.

Agriculture, Forestry, Fishing and Hunting (-15.1%); Transportation and Warehousing (-11.2%); and Professional, Scientific, and Technical Services (-7.9%) were the three industries with the most unfavorable lending performance over the past year in Michigan. Nationally, Agriculture, Forestry, Fishing and Hunting fell by -6.2% year over year.

The PayNet Small Business Default Index (SBDFI) for Michigan registered at 1.56%. Following a comparable value to June, Michigan’s SBDFI was 31 basis points below the national SBDFI level of 1.87%. Michigan’s SBDFI rose 25 basis points year-over-year, while the national SBDFI rose 15.

“Time will tell how these conditions will affect Michigan’s economy going forward,” asserts William Phelan, president of PayNet.

Source : www.paynet.com
Business Info :

You may also like this  


Or using ePRNews Account

Don't have an account ? Sign Up

Register New Account

Or form here

Already have an account ? Login

Reset Password

Already have an account ? Login


If you have any concerns regarding this press release, please contact the Author / Media Contact / Business of this press release. ePRNews is not resposible for the accuracy of the news posted and do not endorse, support any product/ services/ business mentioned and hereby disclaims any content contained in this press release.